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MMi Daily Iron Ore Index Report March 20 2019

Vale has announced it received court approval on March 19 ( Brazil time) to resume Brucutu operations, but it is still waiting for environmental clearance from Minas Gerais’s environmental secretary. Iron ore DCE Futures market tumbled down in response to this news. Despite the news, traders tried to hold back material, especially with some mills still under production restrictions. According to SMM, the current iron ore supply and demand dynamic has not changed even though Vale is approved to resume production so soon, with prices being driven by sentiment.

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Source: Metals Market Index (MMi)

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